DJIA and FTSE100 Intraday: Elliott Wave Analysis

US markets will open in less than 15mins with the cash market at their highs.
We were looking for that push up in this week as latest sideways price action
was just another correction within uptrend. It was fourth wave so market is
now running up in wave five of an impulsive structure from August low which
means that upside can be limited. But there is room for 17200 on DJIA, or even
17350 if gains will stay here till the NFP that can be a trend changer. However,
I would not be buying here, expecting a retracement soon.

DJIA (September 2014) 1h Elliott Wave Analysis

FTSE100 traded higher today as expected and finally reached levels around
6900 where market could be looking for a top of a fifth wave, so sooner or
later market will turn south. Break beneath the channel line and 6804 support
will be an early sign for a completed five wave move from 6493.

Gregor Horvat, based in Slovenia, has been in the forex markets since
2003. He is a technical analyst and individual trader who has worked for Capital
Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com.
EW-Forecast.com provides technical analysis of the financial markets, highlighting
behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/